Bitcoin (BTC) closed March in green, ending the longest monthly losing streak since 2018. Data suggests that the coming months may prove to be profitable for BTC.
Key takeaways:
Bitcoin ended March 2% higher, marking the first green monthly close in six months.
A similar streak in 2018/2019 led to an over 316% BTC price rebound over five months.
Bitcoin price faces stiff resistance at $70,000-$72,000, where key trend lines converge.
Past multi-month downtrends were followed by 300% price gains
Historical price data from CoinGlass confirms Bitcoin printed its first green monthly candle in six months, closing March 2% higher after five straight months of losses.
“This is a massive dose of hopium,” analyst Ash Crypto said in an X post on Wednesday.
The analyst was referring to a possible shift in momentum, which might lead to a sustained recovery, as seen in previous cycles.
Related: Crypto Fear & Greed Index stuck on ‘extreme fear,’ but is there a silver lining?
The last time this happened was in 2018/2019 when BTC closed February 2019 in green, after six consecutive red months, as shown in the figure below.
This led to a reversal with over 300% returns the following five months, as Bitcoin recovered from the 2018 bear market.
“Last time BTC dumped 6 months in a row, it pumped the following 5 months in a row that came after!” trader Satoshi Flipper said in a Wednesday post on X.
Bitcoin monthly percentage returns. Source: CoinGlass
If history repeats itself, the reversal may continue in April, suggesting that BTC price may have bottomed at $60,000.
Bitcoin’s bullish monthly close is a ”catalyst for fresh inflows into early April,” Trader Caleb said, adding:
“April starts with momentum.”
Bitcoin has a well-established tendency for significant price swings in April.
Since 2013, April has been a green month for eight of the past 13 years, with average returns of about 12.2%
However, Bitcoin also tends to move in the opposite direction to March in April, and this is true for nine out of the past 13 years.
In recent years, Bitcoin dropped in April after closing March in green, three out of four times between…
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